I think there's a lot of truth to that, but the one thing it leaves out of the analysis is the opportunity to exit via acquisition. I don't have a sense of wha

I think there's a lot of truth to that, but the one thing it leaves out of the analysis is the opportunity to exit via acquisition. I don't have a sense of what proportion of companies that might previously have had an IPO would in recent times get acquired instead. I'd be surprised if it fully made up for the effect you describe. But I also imagine acquisition is more possible now than in the past since you now have a lot more big tech incumbents with cash to buy other companies with (e.g., who would have bought Instagram in 2000?).